Beneficiary of AI compute diversification away from Nvidia

Hot Financial News Summary | 2026-11-13 · Morning Data Timestamp: As of 07:35 Beijing Time on November 13, 2026. Material sourced from the evening hot financial email sent at 20:11 on November 12 (the morning edition for November 13 had not been received by the deadline). Key figures have been cross-checked against public reports from Xinhua Finance, Reuters, East Money, The Paper, Zhitong Finance, etc. Any text stating "email relay" refers to unverified statements and should not be taken as fact. Today's Assessment In one sentence: The shoe has dropped, but interest rates haven't spared the market. On Thursday, Nvidia announced that Jensen Huang resigned as CEO, President, and Director, with CFO Colette Kress serving as interim CEO. The stock fell approximately 14% intraday before closing down 4.34% at $166.19, significantly narrowing its losses; AMD rose 5.86%, Broadcom rose 5.54%, indicating capital rotating within the AI sector rather than exiting. The real pressure comes from elsewhere: Trump stated no agreement is needed with Iran, WTI crude oil rose 2.94% to $89.07, the 10-year US Treasury yield climbed to 5.105%, the US Dollar Index reached a 19-month high of 103.18, and futures priced in an approximate 29 basis point rate hike for December. The three major indices each fell between 0.35% and 0.39%; the China Concept Golden Dragon Index dropped 3.09%, and Alibaba US ADR fell over 7%. A-shares peaked and then retreated on Thursday. The Shanghai Composite closed at 3,655.83 points, down 0.67%; the ChiNext Index closed at 2,509.43 points, down 2.44%. Trading volume was approximately 1.93 trillion yuan, with over 4,600 stocks declining. Only the STAR 50 Index rose 0.73%. The Hang Seng Index closed at 24,008.55 points, down 1.26%, while the Hang Seng Tech Index fell 2.36%. Our view for today is that indices will show weak oscillation. Structurally, domestic computing power and wafer foundries are relatively favored, while the Nvidia chain and Chinese concept internet stocks continue to face pressure. Positioning should remain neutral to low, avoiding chasing high-flying themes. Three Positive Directions (from strongest to weakest) First, Domestic Wafer Foundries and Computing Chips. This was the most solid incremental news last night. SMIC reported Q3 revenue of $3.19 billion, up 6.1% quarter-over-quarter (QoQ), with a gross margin of 29.9%, up 4.6 percentage points QoQ; both metrics exceeded previous guidance. Capacity utilization stood at 97.3%, nearing full production. Q4 revenue guidance indicates a QoQ increase of 4% to 6%. Coupled with foreign media reports that the US Department of Commerce plans to include remote access to advanced chips in export controls (not yet published), the logic for domestic substitution is strengthening. On Thursday, Cambricon rose over 8%, and Enflame Technology rose over 13%, setting new listing highs. Constraints exist: SMIC's Q4 gross margin guidance of 26% to 28% is lower than the actual Q3 value; Enflame and others have seen significant short-term gains, with emails relaying a ~73% rise over 7 days, reducing the cost-effectiveness of chasing highs. A more stable approach is to focus on foundries, equipment, and materials, rather than just tracking the chip designers with the largest gains. Second, AI Compute "Alternative Chains" Outside Nvidia. AMD, Broadcom, and Arista surged counter-trend on Thursday. Ming-Chi Kuo believes Google TPU and its partners Broadcom and MediaTek are recent beneficiaries, stating that the impact on Nvidia's product competitiveness won't be evident until at least 2028. For A-shares, this implies that ASICs, switches, and high-speed connections—segments less dependent solely on Nvidia—will see less valuation impact compared to optical module leaders. Constraints include: Micron, SanDisk, and Applied Materials also fell on Thursday, indicating storage and equipment did not benefit comprehensively; we have not independently verified the email-relayed claim that "Micron sold out most of its HBM next year." Third, Defensive Domestic Demand and Incremental Capital. Late on Thursday, capital flowed into dividend sectors such as banks, airports, and highways, while liquor, retail, and aquaculture strengthened counter-trend. Emails relayed that Double 11 premium liquor transactions increased by approximately 25% year-on-year, 21 funds were established on the same day, and new fund issuance scale for the year approached 1 trillion yuan. Hong Kong media reported that Southbound capital flowing into Hong Kong stocks saw a net inflow of HK$5.847 billion on Thursday. This provides a floor for low-valuation, high-dividend stocks and consumer leaders. Constraints are that this rotation is essentially risk-averse, and sustainability depends on verification through wholesale prices, inventory levels, and social retail data. Three Negative Directions (from strongest to weakest) First, US Interest Rates and the US Dollar. The 10-year US Treasury yield returned above 5.1%, the 2-year yield rose to 4.867%, the dollar strengthened, and the yen touched 160 before rapidly rebounding, leading markets to speculate that Japan intervened. High interest rates directly compress growth stock valuations and drain capital from Hong Kong stocks and emerging markets. Huatai Securities noted that Hong Kong stock earnings expectations are still being revised downward, with a peak in share unlocks in December, advising against chasing high-beta varieties. Second, Nvidia Chain and Chinese Concept AI Platforms. Optical module and PCB leaders plunged in the afternoon on Thursday. Emails relayed that Zhongji Innotech reversed from a +4.7% gain to a -6.1% loss intraday (exact numbers unverified). CoreWeave fell 6.86%, and Nebius dropped 16.84% after lowering its annual revenue forecast, indicating the market is beginning to price in financing pressures for AI infrastructure. Alibaba HK fell 6.76%, marking five consecutive days of declines. Nvidia's earnings call next Tuesday will be the debut of the new management team, and Anthropic is reportedly planning an IPO next week, both of which could amplify volatility. Third, Oil Price Rebound and Theme Fading. Domestic refined oil prices were already reduced at 24:00 on the 12th, but international oil prices rose again following Middle East statements, making inflation and the direction of the next pricing window unfavorable. In terms of themes, only 37 stocks hit the daily limit on Thursday, with a broken-board rate approaching 50%. Shanghai Movie, involved in AI comics, hit the daily limit down. Dadongfang was issued a regulatory work letter by the SSE (email relayed). Gold prices fell approximately 3% to around $3,880, and gold stocks have continued to weaken. Operational Strategy: Prioritize low-position domestic computing power and foundry segments with earnings verification. Avoid high-position consecutive limit-up stocks, stocks under regulatory scrutiny, and high-position varieties heavily dependent solely on Nvidia. Sources: Xinhua Finance, Reuters, East Money, The Paper, Zhitong Finance, Sing Tao Daily, TradingView/Stocktwits News, November 12 Evening Hot Financial Email (relayed parts marked). The above are research viewpoints and do not constitute investment advice.